Exxon Mobil Corp. defended its contract with tiny Guyana as the oil major pushes to speed up production from the world’s biggest deep-water find in a decade. There’s no need to renegotiate the deal because it was agreed only two years ago with several concessions to the government, Erik Oswald, Exxon’s vice president for exploration in... Continue Reading →

The Big Oil playbook has been straightforward for decades: Higher prices mean offshore projects that are further, deeper, more complex than ever before. It’s different this time, according to Royal Dutch Shell Plc. Deepwater projects need to break even at $40 a barrel, or preferably lower, said Harry Brekelmans, Shell’s project and technology director, in an... Continue Reading →

Rio de Janeiro, April 30, 2018 – Petróleo Brasileiro S.A. – Petrobras, further to the Press Release disclosed today, reports that all contractual instruments relating to the agreement negotiated with Centrais Elétricas Brasileiras S.A. – Eletrobras and its controlled power distributors were signed on this date. The agreement is related to part of the debts... Continue Reading →

Rio de Janeiro, April 30, 2018 - Petróleo Brasileiro SA - Petrobras, further to the Material Fact disclosed on 11/22/2017, informs that it has closed today the sale of its entire stake in Campo de Azulão (Concession BA- 3), located in the state of Amazonas, to Parnaíba Gás Natural S.A, a subsidiary of ENEVA S.A.... Continue Reading →

Rio de Janeiro, April 30, 2018 - Petróleo Brasileiro S.A. – Petrobras, in continuity to the Material Fact disclosed on 12/28/2016 and 03/27/2017 and press release dated 02/07/2018, informs that today it completed the sale of 100% of the shares held in Companhia Petroquímica de Pernambuco (“PetroquímicaSuape”) and Companhia Integrada Têxtil de Pernambuco (“Citepe”) to... Continue Reading →

Imprisoned former Brazilian President Luiz Inacio Lula da Silva, along with the current leader of the Workers Party he founded, were hit on Monday with fresh corruption charges by federal prosecutors. Authorities allege that Lula, along with Senator Gleisi Hoffmann, who is leading the beleaguered Workers Party, were given access to a $40 million slush... Continue Reading →

  BP Plc capped a shaky Big Oil earnings season on a more upbeat note, as shareholders reacted positively to the highest profit in years even as the continuing burden of oil-spill payments pushed debt higher. The results show how investors in the London-based company are feeling the effects of two life-altering events. BP is still paying its... Continue Reading →

Houston-based driller Diamond Offshore saw a decrease in quarterly profit and revenues as the driller’s increase in rig utilization was offset by lower dayrates.  The driller on Monday posted a net income of $19 million, a decrease compared to a $23.54 million net income recorded in the first quarter of 2017. Read more